Payments of $X are made at the beginning of each year for 20 years. These payments earn interest at the end of each year at an annual effective rate of 8%. The interest is immediately reinvested at an annual effective rate of 6%. At the end of 20 years, the accumulated value of the 20 payments and the reinvested interest is $5,600.
Calculate X.
(a) 121.67
(b) 123.56
(c) 125.72
(d) 127.18
(e) 128.50